| |
|
|
|
|
|
The following
is a brief selection of words or phrases used in the betting world,
and their definitions.
A| B|
C| D| E|
F| G| H|
I| J| K| L|
M| N| O|
P| Q| R|
S| T| U| V|
W| X| Y| Z
| Accumulator |
A
bet in which a single stake is used to
generate two or more bets in succession. The punter
makes a series of selections each from a different race or
event. Every time a selection wins, the stake plus winnings
is put onto the next selection. If any selection loses, the
whole bet is a loser. (Accumulators are also known as doubles,
trebles, fourfolds, fivefolds,
sixfolds,
etc., depending on the number of selections.) |
| |
|
| Ante Post |
Betting
prior to the day of the race or event and in some cases many
months in advance. The odds are better
at this early stage, but be warned: you will lose your stake
if your selection does not take part. Exceptions to this (where
your stake is returned) are
- your selection is balloted out
of a race and the bet is void
- your selection is withdrawn
but the race is abandoned
- you bet 'with a run' which returns
your money in the event of a withdrawal
|
| |
▲ |
| Bar
Price |
Usually
used as helpful shorthand when talking about large field events,
with long lists of participants. It refers to the odds
of all those at the last quoted price
and bigger. An example might be odds to win the English Premier
League, which would read: 2/1 Manchester United, 3/1 Liverpool,
5/1 Arsenal, 8/1 Newcastle, 12/1 BAR. This shows that every
other team in the betting list has odds of 12/1 or bigger. |
| |
|
| Bettor |
US term for person placing a bet. In the UK a punter
or customer. |
| |
|
| Bookmaker
(also Bookie) |
A
business that lays odds
and takes bets. |
| |
▲ |
| Circled Game |
An
event for which the bookmakers have
placed a limit on the amount of money they will accept from
a punter. |
| |
|
| Credit Bet |
Bets
accepted by the bookmaker without
a cash deposit. |
| |
|
| Dead Heat |
The
result of a race or competition in which two or more entrants
finish equal. If your selection dead-heats
you receive the full odds divided by the
number of winners. |
| |
|
| Debit Bet |
Bets
accepted by the bookmaker without
a cash deposit but which allows the bookmaker to directly
debit the gambler's bank account. |
| |
|
| Dividend |
The
return for a single winning unit on
a Tote bet. |
| |
▲ |
| Double |
An
accumulator involving two selections. |
| |
|
| Draw |
A
result where the scores are level at the end of play (also
known as a "Tie" in the United States.) |
| |
|
| Each
Way |
This
describes a transaction that is effectively two bets in which
equal stakes are laid 1) on the selection
coming first, and 2) the selection being placed,
i.e. coming second, third or fourth, depending on the race.
When the punter asks for, say, "�10
each way" this is actually two bets, at ten pound stakes
each, and the bookmaker would ask
for a twenty pound deposit.
If the selection
wins, the return is:
Stake + (Stake x Win Odds)
+ (Stake x Place Odds (usually 1/4 or 1/5 of Win Odds))
If the selection
is placed but does not win, the return
is:
Stake + (Stake x Place Odds) |
| |
▲ |
| Favourite |
The
horse or team with the lowest prices
(in essence, the horse or team believed to be the most likely
winner). |
| |
|
| Forecast |
Predict
the result. Also a type of bet in horse racing where the punter
bets on the winner and the second place horse. |
| |
|
| Handicapping |
In
the sports shown on Oddschecker, the only sport that uses
handicapping is horse racing. All horses (once they�ve run
often enough) are given an official rating. Ratings range
from 0-140 points for flat racing and from 0-175 points for
jump racing. Each point is equal to one pound weight (carrying
the extra weight is the handicap). The handicap system is
designed to ensure that all the participants in the race are
well matched. Handicap)ratings for every horse are assessed
and may be revised weekly depending on how well the horse
performed given the quality of the other horses in the race. |
| |
|
| In Running |
A
term used to describe a race or event that is in progress. |
| |
▲ |
| Lay |
Offer
odds. |
| |
|
| Layer |
Person
offering odds, usually a bookmaker.
One to one betting services and some smaller bookmakers
will allow a punter to lay
as well as place bets. |
| |
|
| Laying Off |
Where
a bookmaker reduces their exposure on a winning horse or
team by backing it with other bookmakers. |
| |
|
| Margin Call |
A
call made by a bookmaker to the punter
for cash to cover some or all of the punter's exposure to
loss. |
| |
▲ |
| Nap |
A
tipster�s best bet of the day. |
| |
|
| Odds |
Also
known as the price. The chance a bookmaker
offers for a selection to win. May be shown as:
- a ratio expressed as a fraction
(as in Oddschecker) e.g. 4/1 (or 4-1) usually called traditional
odds. In this example, for a winning �1 bet you would get
back �5 (�4 winnings, plus your �1 stake).
- a ratio expressed as decimal
number e.g. 5.0, usually called decimal odds. In this example,
for a winning �1 bet you would get back �5 (�4 winnings
plus your �1 stake). The return is
calculated by multiplying the odds by the stake. 5.0 in
this notation is the same as 4/1 in the fractional form.
Similarly 1.62 is 8/13 (or 13/8 on).
Many people prefer decimal odds for odds-on
prices as they are more easily understood.
|
| |
▲ |
| Odds-Against |
Describes
the odds when the amount you receive for
a winning bet, not including your returned stake,
is more than the amount you staked. |
| |
|
| Odds Compiler |
See odds layer. |
| |
|
| Odds
Layer |
The
person working for a bookmaker who
sets the odds. The odds
layer is usually an expert on one or two sports and concentrates
entirely on setting the odds for those sports. |
| |
|
| Odds-On |
Describes
the odds when the amount you receive for
a winning bet, not including your returned stake,
is less than the amount you stake. For
example you stake �1 at 8/13 (13/8 on) and
receive �1.62, made up of your �1 stake and 62p winnings. |
| |
|
| Off
The Board |
Term
used to signify that the bookmaker
is not accepting bets on a particular event. |
| |
▲ |
|
On-Course |
At
the racecourse or event. |
|
|
|
Off-Course |
Away
from the racecourse or event. This covers bookmakers
operating retail outlets, telephone and internet services. |
|
|
| Off-shore |
Bookmakers
who are based outside the UK. There are three types of off-shore
bookmakers - firstly, those that are the off-shore site run
by an existing British bookmaker; secondly, those that are
existing off-course bookmakers in
another country, often Ireland; and the third type are internet
and/or telephone bookmakers set up specifically to conduct
off-shore business. |
| |
|
| Outsider |
A
participant in an event considered unlikely to win.
|
| |
▲ |
| Over/Under |
A
type of bet in which the punter bets
on whether the total combined points, runs, goals, etc will
be more or less than a number chosen by the bookmaker. |
| |
|
| Overround and Overbroke |
Adding
up the probabilities as shown by
the odds of all the participants in an
event for a particular bookmaker
gives a percentage. While mathematically the total probabilities
of all participants in an event must be 100% (one participant
- and only one - can win) bookmaker�s total percentages are
set to add up to over 100% because it�s the amount over 100%
that represents the bookmaker�s profit. A book with a total
percentage over 100 is called overround.
A book that adds up to less than 100% is called overbroke
which means that a punter could back
all the participants and know that the total of their
lost stakes will be less than their winnings
(a good, if rare, thing). |
| |
|
| Parlay |
US
term for accumulator. |
| |
|
| Perm |
Short
for permutation. It means a group of all
of the possible outcomes. |
| |
|
| Place
Bet |
A
bet on the selection being placed, i.e.
coming second or third (or fourth depending on the number
of participants). UK bookies usually
offer each way rather than place
bets. |
| |
▲ |
| Placed |
Refers
to a selection coming second, third or fourth in an event.
The positions which are considered to be placed depends on
the size of the field (e.g. in a race with only 5-7 participants,
only second and third count as placed). The odds
for bets on selections being placed is usually calculated
as a fraction of the odds to win (e.g. in the race referred
to above, second and third get odds at a quarter of the winning
price) |
| |
|
| Price |
See
Odds |
| |
|
| Probability |
The
odds are an indication of what the odds
layer thinks is the probability of a participant winning an
event. If you were to add up the probabilities of each participant
they have to total exactly 100% (one participant - but only
one - must win). You can calculate the probabilities from
the odds (there�s an example table below). To calculate the
percentage, divide 100 by the sum of the two parts of the
ratio and then multiply the result by the second part of the
ratio. For 11-4 this works out as 100 divided by 15 (11 plus
4) equals 6.666. This multiplied by 4 gives 26.67 Converting
the odds to percentages is particularly useful for calculating
the overround. |
| |
|
| |
| Odds (all odds against) |
Percentage/Probability |
| 1-1 (Evens) |
50.00 |
| 5-4 |
44.44 |
| 7-4 |
36.36 |
| 2-1 |
33.33 |
| 11-4 |
26.67 |
| 4-1 |
20.00 |
| 5-1 |
16.67 |
| 6-1 |
14.29 |
| 7-1 |
12.50 |
| 11-1 |
8.33 |
| 16-1 |
5.88 |
| 20-1 |
4.76 |
| 33-1 |
2.94 |
| 100-1 |
0.99 |
|
| |
|
| Rule
4 |
When
a horse is withdrawn shortly before a race and there is insufficient
time to form a new market, a deduction is made from all winnings.
The amounts deducted are set by Rule 4,
which is laid down by the Tattersalls Committee, the body
which controls horse race betting in the UK. The shorter (lower)
the price of the horse at the time of
withdrawal the bigger the deduction. (The returned stake
money is not subjected to a percentage deduction.)
Current values are:
| Price
of Runner at time of withdrawal |
Amount
deducted from winnings |
| 3/10
or shorter |
75p
in � |
| 2/5
to 1/3 |
70p
in � |
| 8/15
to 4/9 |
65p
in � |
| 8/13
to 4/7 |
60p
in � |
| 4/5
to 4/6 |
55p
in � |
| 20/21
to 5/6 |
50p
in � |
| Evens
to 6/5 |
45p
in � |
| 5/4
to 6/4 |
40p
in � |
| 13/8
to 7/4 |
35p
in � |
| 15/8
to 9/4 |
30p
in � |
| 5/2
to 3/1 |
25p
in � |
| 10/3
to 4/1 |
20p
in � |
| 9/2
to 11/2 |
15p
in � |
| 6/1
to 9/1 |
10p
in � |
| 10/1
to 14/1 |
5p
in � |
| Over
14/1 |
No
deduction |
In
the event that two or more horses are withdrawn before coming
under starter�s orders, the total deductions won�t exceed
75p in the pound.
|
| |
|
| Single |
The most common and simplest kind of bet. A single
wager on an event. The single can be
win, each way,
or win and place. See relevant terms.
|
| |
▲ |
| Spread Betting
|
A form of betting derived from financial markets where the
punter bets on a 'spread' of numbers relating
to the particular event - for example, runs scored in cricket,
points in Rugby Union, or the number of lengths between named
horses at the end of the race. The bookmaker
quotes the spread: say, regarding the number of points to be
scored by one side in a Rugby game, 28-30. If you think the
side will score more than 30, you 'buy' at 30; if fewer, you
'sell' at 28, and stipulate your stake
per point. If you buy the spread at �1 and the team scores only
25, you lose �5 - 30 minus 25 leaves 5, which multiplied by
your stake is �5; if that team scores 35, you win �5. The attraction
of spread betting is that the more right you are, the more you
will win - and by the same token the more wrong you are, the
more you will lose.
Note: you cannot have a spread bet unless you have an account
with the bookmaker concerned, since
you cannot stake the bet in advance as you do not know how much
you might lose. |
| |
|
| Stake |
Amount of money you give the bookmaker
� therefore the money you will lose if the result is not what
you predicted. |
| |
▲ |
SP |
Starting Price |
<
| |
|
| Starting Price |
The odds determined by the official starting
price reporters on the racecourse at the start of the race,
which is an average of the odds being offered at the racecourse.
For certain races, some internet and other off-course
bookmakers will only quote SP for each
participant rather than different odds. This means that the
off-course bookmaker has not determined their own prices
for this race and is letting the market be made at the racecourse.
Typically this happens when the volume of money and the number
of bets placed on this event at the off-course bookmaker is
too low to make a representative market of their own. Accepting
the Starting Price from a bookmaker means
that you don�t know exactly what the odds will be when you place
your bet. |
| |
|
| Steamer |
A
horse which, on the morning of the race, is backed significantly,
causing its odds to shorten markedly. |
| |
▲ |
| Tax |
All internet bookmakers are now
'tax-free' in that they don't charge betting taxes directly
to punters. In the UK special betting taxes are still charged
but they are made against bookmakers on their gross profits.
|
| |
. |
| Tic-Tac |
The sign language in which bookmakers
communicate with each other on the course. |
| |
|
| Tipster
|
Individuals or businesses whose job it is to provide hints
or tips about the likely outcome of a race or event. Some tipsters
publish their advice in newspapers or for free on the internet;
others charge for their services. There are many types of tipsters;
the best ones submit their tips to proofing services that track
the success of their tips over the long term. The worst ones
are confidence tricksters. |
| |
▲ |
| Tissue Prices |
The bookmakers' forecast
of how the betting will open. |
| |
|
| Tote
|
Its full name is the Horserace Totalisator Board. It is a
pool or �pot� based system. All bets are pooled and following
the race the pool (less deductions - the Tote�s profit) is shared
out among those who won. This means that your bet isn�t made
at fixed odds as the amount you stand to
win is affected by all those who bet after you. Tote prices
- they call them �will pays� (an indication of what you would
win if there were no bets after yours) are shown at racecourses
and on the Tote�s web site. In practice although there are usually
some small differences between the Tote�s prices and bookmaker�s
prices, they end up pretty even. Some punters
have famous stories about big differences on outsiders.
|
| |
|
| Treble |
An accumulator involving three
selections. |
| |
|
| Tricast |
A wager that involves correctly
predicting the first, second and third place in a particular
event. This wager can be permed.
Normally offered on handicaps of eight or more declared runners and no fewer
than six actual runners. |
| |
▲ |
| True Odds |
Punters talk about the true odds. This
refers to the odds as they would be if they
reflected the actual probability
of winning (as opposed to reflecting where the money goes).
This must always be an opinion. |
| |
|
| Value |
If you believe that the true odds
are lower than the bookmaker is offering,
then that is a value bet. |
| |
|
| Wager |
A bet. |
| |
|
| Win Bet |
In this bet, the punter bets that his
or her selection will come in first place. |
| |
|
| Win and Place
|
This is similar to an each way bet,
except that the stake laid to win is greater
than the stake laid to place. The punter
could for example lay ten pounds on his selection
coming first, and a further five pounds on the selection coming
second, third or fourth. (Total stake = �15) |
|
|
|
|
|
▲
|
|
|